Owners who have been wanting to sell or step back from their business, have been particularly hard hit during this global turmoil and, as the song goes, must now deal with not being able to get what they want. What happens to our ability to project continued growth in a world that has been turned upside down? What is the bottom line for owners planning to exit?
The COVID-19 pandemic is a huge challenge for business owners, and likely the biggest crisis you as a business owner will ever face. Despite this, it is possible to take back control of your life and your business.
There are important lessons the pandemic is teaching business owners and employees alike. In fact, COVID-19 will forever change how businesses operate going forward. Here are three lessons about crisis management that should be top of mind for businesses during this time.
The rapid advancement of the COVID-19 outbreak has brought an unprecedented upheaval to all of our lives. It has caused us to change how we interact with friends and family, forced us to rethink our professional and financial plans and impacted life’s simplest decisions – like stepping outside of our house or having coffee with a friend. It has forced us all to examine what we have taken for granted all our lives and reconsider the independence we have become accustomed to.
As of March 2020 the sand beneath our feet shifted as never before, and the assumptions that worked well in more predictable times need to be put aside. In the words of Albert Einstein, “The thinking that got us to where we are today is not the thinking that will get us to where we need to be”.
There are many different strategies that businesses can follow when their goal is growth. When trying to decide which strategy to implement, you as the owner, must consider your target market, finances and industry, as all of these factors will play a big role in achieving your results.
An experienced transition expert will provide business owners with the insights and perspective they need whether they plan to grow, exit, or step back from their business.
Having engaged employees has always been an essential part of a business. But today, employees are looking for a place where they can feel like they belong – work culture is shifting from a duty to an experience.
Digitalization is everywhere – from the way we receive information to the way in which we communicate that information daily, and it’s no different when it comes to your business. It is inevitable that with the changes and advances in the digital world, come the need for adaptations.
More than ever, consumers are demanding that businesses take action when it comes to our environment, and it is essential that corporations commit to and start promoting strategic sustainability that goes beyond recycling.
Business Transition Alliance
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.
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